Friday 29 Mar 2024
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KUALA LUMPUR (Dec 21): Malayan Banking Bhd (Maybank) and The Western Union Co have jointly launched a digital money transfer service, which capitalises on Maybank's digital platforms.

In a joint statement today, Maybank and US-listed Western Union said Maybank customers via the Maybank2u (M2u) website and mobile banking app could transfer money to more than 500,000 Western Union agent locations in over 200 countries and territories.

Maybank group head for community financial services Datuk Lim Hong Tat said in the statement: "This new service reflects the same commitment we have as Western Union in providing consumers the best in cross-border financial services. Maybank customers are now able to enjoy fast, convenient and reliable cross-border remittance transfer services digitally around the world."

"We have revolutionised the money transfer processes for Maybank customers when comparing with current practice where they need to visit a Western Union Agent location in order to transfer money. Now, all they need to do is log in to the M2u app and select the Western Union service, and they are good to go," Lim said.

According to the statement, the money transfer service is available 24 hours a day, seven days a week including public holidays.

The statement indicated that customers could transfer up to RM10,000 a day.

Western Union vice president Bassem Awada said in the statement: "This mobile banking app not only grows our relationship with Maybank, but also strengthens our position in Malaysia's cross-border money transfer market."

"The combination of Maybank's strong presence in digital banking and Western Union's growing digital network, geographic reach and ability to exchange in 130 currencies enables us to move money quickly and reliably," he said.

At Bursa Malaysia today, Maybank shares fell one sen or 0.1% at 12:30pm to settle at RM7.90 for a market value of RM80.53 billion. The stock saw some two million shares traded.

 

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